The Central Bank of the Philippines (Bangko Sentral ng Pilipinas – BSP) has just issued new regulations aimed at strengthening supervision of the digital asset market, most notably the decision to prohibit licensed cryptocurrency exchanges from listing or supporting trading of privacy coins such as Monero (XMR), Zcash (ZEC), and other digital assets that conceal user identity.
This new move shows the Philippines joining a group of countries increasingly tightening controls on highly anonymous cryptocurrencies, amid global regulatory efforts to combat money laundering, terrorist financing, and illicit financial activities on the blockchain.
Theo quy định mới, các sàn giao dịch tiền mã hóa và các nhà cung cấp dịch vụ tài sản ảo (Virtual Asset Service Providers – VASPs) hoạt động hợp pháp tại Philippines sẽ phải rà soát lại toàn bộ danh mục tài sản đang hỗ trợ. Những đồng coin bảo mật hiện có trên nền tảng sẽ phải được Delisting theo lộ trình tuân thủ do cơ quan quản lý đề ra.
However, the ban currently only applies to officially regulated platforms. Users are not yet prohibited from conducting peer-to-peer (P2P) transactions or transferring assets directly between personal wallets outside the ecosystem of licensed entities.
In addition to removing privacy coins, the BSP has also significantly raised the review standards for new digital assets before they can be listed. Exchanges will have to undergo a more rigorous evaluation process, including XEM project transparency, governance models, technological risks, legal compliance, anti-money laundering capabilities, and investor protection levels.
In particular, stablecoins will also have to undergo a more rigorous due diligence process before being listed for trading. Service providers must not only assess initial risks but also conduct continuous monitoring throughout the asset's listing period to promptly detect any anomalies or potential risks to users.
The BSP's decision reflects a growing trend of stricter regulation globally. In recent years, many countries and jurisdictions have taken steps to restrict or eliminate privacy coins from their regulated financial systems. Authorities argue that the ability of privacy coins to conceal wallet addresses, balances, and transaction history can create significant challenges for tracing funds.
Monero has long been XEM the largest privacy cryptocurrency on the market, utilizing technologies such as Ring Signature, Stealth Address, and RingCT to protect user information. Meanwhile, Zcash employs zk-SNARKs technology to allow transaction verification without revealing detailed data on the blockchain. These characteristics have consistently drawn the attention of financial regulators worldwide to both projects.
